Which Suburbs in Brisbane Have House Prices Fallen?

December 18, 2023
Which Suburbs in Brisbane Have House Prices Fallen?

Key takeaways:

  • Brisbane’s property market has experienced a significant recovery since early 2023, with prices surging by 9.1% amid stable interest rates and strong migration.
  • While overall market trends are positive, certain suburbs like Mount Gravatt, Carindale, and Holland Park-Yeronga have seen notable decreases in median house prices.
  • Despite recent downturns in some areas, Brisbane’s property market remains resilient and attractive, particularly as Australia’s second most affordable capital city market.
  • Future projections for Brisbane’s property market are optimistic, with forecasts suggesting continued growth and potential interest rate cuts in late 2024 or early 2025.

Brisbane’s property market has been a rollercoaster of sorts, with a significant surge in prices and a recent rebound from a sharp downturn. As of January 2023, Brisbane’s housing market has witnessed a marked recovery, with all dwelling prices increasing by 1.4%, bringing the median to over $865,000​​. This resurgence is a remarkable comeback, especially considering the high interest rates and inflation pressures.

But what does this mean for the Brisbane property market going forward, and which suburbs are seeing these changes?

In this article, we’ll dive into the latest trends, forecasts, and the specific suburbs where house prices are shifting, offering insights for both buyers and sellers in Brisbane’s dynamic property landscape.

What’s Happening in Brisbane’s Backyard?

Which Suburbs in Brisbane Have House Prices Fallen?

After a tumultuous period, Brisbane’s property market is not just stabilising but thriving. Since January 2023, property prices have impressively surged by 9.1%, a significant rebound despite the high-interest and inflation environment​​.

This recovery is underpinned by a pause in the interest rate cycle, boosting buyer confidence, with the Reserve Bank of Australia maintaining a steady cash rate since October.”

This stability, coupled with robust migration, a tight rental market, and housing shortages, has fueled Brisbane’s property resurgence​​.

Brisbane now stands as Australia’s second most affordable capital city market, trailing only Perth. The relative affordability, even amidst the challenging conditions of the past two years, continues to attract demand, especially from cross-border investors​​.

For those considering entering the market, exploring the current climate and assessing Is it a good time to buy house in Brisbane now? can offer valuable insights.

Which Suburbs Are Watching Their Prices Drop?

In the shifting landscape of Brisbane’s property market, not all suburbs have experienced uniform trends. Recent data reveals interesting dynamics, especially in the context of suburbs where house prices have fallen. Let’s delve into specific suburbs and their statistical changes:

  1. Inner-East Region: This area saw a significant drop of $100,000 off its median price in the September quarter of 2023, reflecting a notable downturn in this part of Brisbane​​.
  2. Western Suburbs: As a collective, the western suburbs experienced a decrease of $71,500 in their median house price over the same period​​.
  3. Specific Suburbs with Notable Decreases:
    • Mount Gravatt: Similarly located in Brisbane’s South, this suburb contributed to the region’s overall decrease in property prices​​.
    • Carindale: This suburb is also part of Brisbane’s South, aligning with the broader trend of declining prices in this area​​.
    • Holland Park-Yeronga: These areas, part of Brisbane’s South region, experienced some of the largest falls in median prices​​.

SuburbProperty TypeMedian PriceQuarterly GrowthAnnual Growth
Mount GravattHouse$998,000-2.72%-2.54%
Holland Park-YerongaHouse$1,300,000-2.26%-1.52%
Source: Your Investment Property Magazine

Despite these decreases, it’s important to note that these drops have not erased the significant gains made during the pandemic boom. For instance, Brisbane’s median house price increased from $596,152 in March 2020 to $847,374 by March 2022.

The price fall in September 2023 only brought the median back to December 2021 levels, indicating that while there has been a recent downturn, the overall growth trajectory over the past few years remains positive​​.

These statistics highlight a mixed picture in Brisbane’s housing market. While certain suburbs have seen decreases, the broader context shows a market that has been resilient in the face of various economic pressures.

For potential buyers and investors, understanding these dynamics is crucial for making informed decisions in the Brisbane property market. Additionally, those looking to invest or relocate might find it beneficial to research Where to buy in Brisbane 2024? to better understand the evolving market trends.

What Does the Future Hold for Brisbane’s Suburbs?

Which Suburbs in Brisbane Have House Prices Fallen?

Looking ahead, Brisbane’s property market appears set for continued growth in 2024. Forecasting trends indicate a bullish outlook, with NAB predicting a 12.1% rise in prices by the end of 2023 and an additional 6.5% increase in 2024​​.

This optimism is echoed by Westpac and CBA, although their projections vary slightly. The market’s future trajectory will largely hinge on the supply-demand balance and interest rate movements.

“As of late 2023, the Reserve Bank of Australia’s rate stands at 4.35%, with predictions suggesting no further hikes and possible rate cuts in late 2024 or early 2025​​.”

Such forecasts offer a beacon of hope for property investors and home buyers alike, suggesting Brisbane’s property market could remain a vibrant and lucrative investment landscape. For those keen on exploring available opportunities, a comprehensive look at real estate in Brisbane can provide a clearer picture of current offerings.

Where Will Brisbane House Prices Be in 10 Years?

Moving beyond the immediate future, the Brisbane property market is poised for significant transformations in the next decade. By 2033, influenced by the anticipated economic boost from the 2032 Brisbane Olympics, median house prices are expected to soar.

Predictions suggest a rise to about $1.7 million, more than doubling from the current figures.

This growth is underpinned by historical trends observed in Brisbane following major global events and the city’s increasing appeal as a residential destination.

The anticipated changes are not uniform across all suburbs. While some areas are expected to see remarkable growth, others might experience more moderate increases. The overall trend, however, points towards a robust and dynamic market, attracting both local and international investors.

This evolving landscape presents both challenges and opportunities for buyers and sellers. As the market continues to grow and change, staying informed and understanding the nuances of different suburbs will be key to making savvy property decisions.

Whether you’re a first-time homebuyer or a seasoned investor, Brisbane’s property market in the coming years offers a landscape rich with potential.

Suggested reading: Curious about the Brisbane real estate market? Our expert analysis answers the question: are Brisbane house prices dropping?. Click to gain valuable insights.

FAQs on Which Suburbs in Brisbane Have House Prices Fallen?

What are the most overvalued suburbs in Brisbane?

The term overvalued considers the factors influencing home values include average income, population expansion, and housing availability. When housing prices exceed the levels that these factors typically justify, it suggests that the market is overvalued.

Some might say the most overvalued suburbs in Brisbane include:

  • Brookfield
  • Sherwood
  • Ormiston
  • Silkstone
  • One Mile
  • Bellbowrie

These areas are viewed as having property values that may not accurately reflect their actual market worth, implying a potential risk for investors or homeowners looking for value for money.

What suburbs will benefit from the Brisbane Olympics?

The upcoming 2032 Brisbane Olympics is expected to significantly impact various suburbs, potentially boosting their appeal and property values. Suburbs anticipated to benefit include:

  • Albion
  • Woolloongabba
  • Coorparoo
  • Camp Hill
  • Redcliffe

These areas may see enhanced infrastructure, increased demand, and consequently, a rise in property values as the event draws near, making them potentially attractive for investors and homebuyers.

Where should you avoid buying a house in Queensland?

Certain areas in Queensland are labeled as “no go zones” for property investment or buying. These include:

  • Moranbah
  • Dysart
  • Certain parts of Mackay

These areas, particularly known for their association with the coal mining industry and servicing the coal-rich Bowen Basin, may pose higher risks or lesser value for residential property investment.

Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.
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